There can be some tax issues with being subject to UBTI but comparing the after-tax performance of a syndicated offering versus other IRA-appropriate investments can make the syndication investment just as attractive if not more attractive than the alternatives. 

There is no specific requirement to replace debt but that's one of the attractions to the syndicated products - their built in financing packages right?

I'd put it in any house - not because I think the quality would attract tenants or drive rent increases or anything like that, but because in my experience, good quality fixtures last a ton longer, and require much less maintenance than the cheap ones do.

It still looked very attractive overall and I thought the member returns would be attractive also for passive investors.  

Keep in mind that the highest net to HUD wins so try to make your net as attractive as possible keeping in mind that the numbers need to work.

If they succeed in attracting larger developments of affordable housing into the downtown area, the pressure for affordable units in the outer neighborhoods may ease up a bit.  

Plus, if they smell that you don't know what things should cost they'll rape your wallet.  

You'll see high levels of unemployment and some crime, and will attract a much lower class tenant.Stay away from F.I typically try to invest in B to C class neighborhoods, and ideally I like to find a C class property (needs updates and repairs) in a B class neighborhood, but that's personal preference and it all depends on how much work you want to put into the place.All that being said, I'm definitely a multifamily guy myself, but you do tend to get higher turnover and more tenant issues with multifamily properties, and they are more likely to call you to fix every little thing than someone renting a SFH.  

I'm very attracted to deep value situations, which to me means gross cash flow generation above the 2% mark (to give a general metric).  

I think you would attract a different (maybe better?)